There's been an important filing in bankruptcy court in the matter of Binder & Binder. Read it yourself but it looks to me like Charlie Binder and Harry Binder as individuals (or through an entity controlled by the two of them) will be buying the Social Security assets of the Binder and Binder corporation for $3.5 million. Remember, Binder and Binder as a corporation is distinct legally from the two brothers as individuals.
11 comments:
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Simple question: Who gets the hat?
Don't you just love how corporations are treated at law? This one--Binder and Binder--is insolvent and in bankruptcy protection/proceedings right now. Employees have lost their jobs, claimants left hanging, SSA left to do a ton more work for them (I think every case they do now comes with a fee petition--yay!).
Yet its two owners still have enough of the cash gotten from the corporation's activities that they directed (admittedly I'm making an assumption here, but I'm not aware of the Binder boys having other significant sources of income, at least none that predated their B&B money) to pony up $3.5 million and reacquire the corp., while shedding many of the corp's financial obligations they chose to enter into.
You wanna talk about unintended consequences springing forth from a seemingly innocuous decision to improve economic efficiency? Look no further than the choice to treat corporations almost exactly the same as natural persons. That's worked out great!
Well the B&B boys sure made out, cash out initially by selling the firm to a private equity who skims all the profits until they are forced to file for bankruptcy instead of actually attempting to make it work. Walk away with whatever profits they wee able to take, with no regard for the creditors, employees or clients. And now the B&B boys get to buy the business back at a small percentage of what they sold it for. What a steaming pile of you know what that is. Capitalism at its finest.
And those that have tap danced on the grave are foiled. Return the Cold Duck to the convenience store, it gives headaches anyway, or so I am told. Samuel Clemens is chortling.
Because an new Claimant to be screwed over becomes disabled every day!
I'm sure lots of people on here are privy to the details of the firm being run by a private equity company.
I'm sure lots of people are aware that the equity firm went against Charles's suggestions and took out a ton of loans to sack the company with debt. I'm sure lots of people know that Charles and Harry put up a lot of their own money in attorney fees and other expenses in order to save the tens of thousands of cases that the banks wanted to leave hanging.
I'm sure most people here are aware that Charles and Harry began taking a ton of cases up to Federal Court in order to protect the clients of Binder and Binder.
Thousands of people just had their cases saved, but despite that, the overwhelming power of jealousy fuels all these negative feelings and comments. Truly amazing.
Jealousy... Moral outrage over questionable business practices... Potato, tomato.
Can I still get in on that spell worker/tarot card reader thing from the first commentor on this topic. I want to know if I will have a social security practice in a couple of years.
For whatever it’s worth, Charles and Harry had significant money apart from their law practice. Their Dad started a jewelry business (http://modernsettings.com/founder-jerry-binder/), which had significant value. That business apparently still exists, or a new business with the same name was created (since there were court proceedings indicating the business went bankrupt): http://modernsettings.com/about-modern-settings/. Plus, under a separate corporation (Bialystock & Bloom) there were real estate ownership. Lots of court proceeding in bankruptcy court and elsewhere indicate significant sums were at stake, which apparently ultimately went to Harry and Charles. Here’s a sample of their past bankruptcy experience, which I’m guessing helped them plan ahead for this go round and protect and the re-purchase their various assets:
http://law.justia.com/cases/federal/appellate-courts/F2/936/640/402632/
http://www.leagle.com/decision/19861044121AD2d923_1382.xml/PRUDENTIAL-BACHE%20METAL%20CO.,%20INC.%20v.%20BINDER
https://casetext.com/case/modern-settings-v-prudential-bache
https://www.ravellaw.com/opinions/047387aa7bbc0f22966987ccdbdf5da7
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